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Professional Misconduct

Alfie Chong


Address: Vic, Australia
Sex: Male
Occupation: Financial adviser
Date: 3 June 2016


Details



The Administrative Appeals Tribunal (AAT) affirmed ASIC's decision to ban a financial adviser, Alfie Chong, from providing financial services for five years. 


In September 2015 Mr Chong applied to the AAT for review and a stay of ASIC's decision. On 26 May 2016 the AAT found that a five year ban was appropriate in the circumstances.


According to the AAT's decision, Mr Chong's conduct "involved repeated / systemic compliance failures" and he "repeatedly tried to shift the blame for his own failure to comply with the Corporations Law" to his licensee, Meritum Financial Group, rather than taking responsibility for his own conduct as a financial services provider.


The AAT also noted the importance of maintaining standards within the profession, and that a banning order may also have the effect of maintaining investor confidence in the financial services industry. "There is a strong protective effect for the public and reinforcement of the integrity and reputation of the financial services industry", the AAT decision stated.